Tribune posts lower Q3, but tops views

DavidB. Wilkerson

CHICAGO (CBS.MW) - Newspaper publisher and broadcaster Tribune Co. posted a significant decrease in third-quarter earnings compared to those of a year ago, but its profit surpassed most Wall Street estimates.

The company warned that, partially because of adverse effects of the Sept. 11 terrorist attacks on the U.S., its fourth-quarter results will fall short of forecasts.

Tribune said Thursday that its profit from operations was $37.4 million, or 10 cents a share, compared to $77.3 million, or 22 cents, in the same quarter last year. Analysts polled by Thomson Financial/First Call were looking for a profit of 8 cents in the latest period.

The shares
TRB, -14.29%
rose 10 cents to close at $31.46 in NYSE activity.

Tribune owns and operates 22 major market television stations, including superstation WGN. It also owns a 25-percent stake in the WB Network, as well as Major League Baseball's Chicago Cubs. The publishing division, greatly enhanced by its recent purchase of Times Mirror, includes the Chicago Tribune, the Los Angeles Times, The Baltimore Sun, Newsday, and several other newspapers. Tribune's Web division owns sites targeted to 18 of the nation's top 30 markets.

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